Uber authorizes $20 billion share buyback program

Uber Technologies Inc. (NYSE: UBER) announced a $20 billion share repurchase authorization.

The ride-hailing company reported trailing twelve-month free cash flow of $8.5 billion, which the company described as an all-time high.

"Today's announcement of a new $20 billion share repurchase authorization underscores our confidence in the business, following yet another quarter of strong top and bottom-line performance," said Prashanth Mahendra-Rajah, chief financial officer.

Chief Executive Dara Khosrowshahi said the company now works with 20 autonomous vehicle partners globally. "Our platform strategy is working, with record audience, frequency, and profitability across Mobility and Delivery," Khosrowshahi stated.

The company said it remains focused on driving profitable growth across its mobility and delivery segments.

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